Technical Note: The Traits of Entrepreneurs

Why do some entrepreneurs succeed and others do not? Are there personality traits that lead someone to become an entrepreneur? Although many questions still remain, there has been significant research on the “entrepreneurial personality.” This note provides an overview of the most frequently studied entrepreneurial traits, including a set of "Big 5" traits, a need for achievement, locus of control, innovativeness, and risk tolerance. Where data exist, we chronicle what is correlated with a desire to be an entrepreneur and what is associated with actual success as an entrepreneur.